首次覆盖：折叠屏+散热业务弹性可期

1 ◆ ◆ ◆ ◆ ◆ 收入（亿元）2023年报 2024年报2025E2026E2027EMIM零部件及组件14.5113.1015.4619.3222.22传动、散热类组件及其他4.065.197.269.5912.94精密塑胶零部件及组件2.011.972.072.272.50终端产品0.700.760.800.880.97其他业务0.680.580.580.580.58合计21.9621.5926.1632.6439.21◆ 资料来源：ifind，中航证券研究所 资产负债表利润表会计年度202320242025E2026E2027E会计年度202320242025E2026E2027E货币资金645.81765.591226.901834.522518.72营业收入2195.582159.142616.103263.623920.53应收票据及账款720.13666.16814.111015.611220.03营业成本1549.181537.361857.142278.912779.95预付账款10.293.138.9311.1413.39税金及附加25.8222.0327.6334.4741.41其他应收款3.754.495.116.377.65销售费用31.9233.0239.2448.9558.81存货305.52396.69413.90507.90619.56管理费用165.64180.75222.37261.09313.64其他流动资产78.7863.4168.2372.0075.82研发费用180.78178.07209.29261.09294.04流动资产总计1764.291899.472537.183447.534455.18财务费用16.360.19-1.32 -5.11 -8.25 长期股权投资0.458.648.307.967.62资产减值损失-131.22 -113.72 -78.48 -65.27 -39.21 固定资产1168.561078.07777.59476.52174.86信用减值损失5.917.274.125.146.18在建工程15.2322.3218.6014.8811.16其他经营损益0.000.000.000.000.00无形资产121.19115.9985.5955.1924.80投资收益-0.30 5.518.878.878.87长期待摊费用41.7855.7127.850.000.00公允价值变动损益9.320.040.000.000.00其他非流动资产106.41107.92107.92107.92107.92资产处置收益0.54-1.62 -0.42 -0.42 -0.42 非流动资产合计1453.621388.641025.85662.47326.36其他收益22.1917.0920.5620.5620.56资产总计3217.913288.113563.034110.004781.53营业利润132.33122.30216.40353.08436.91短期借款118.1239.100.000.000.00营业外收入0.341.140.960.960.96应付票据及账款637.37762.85846.891039.231267.71营业外支出1.350.780.850.850.85其他流动负债299.58216.00278.66342.37416.27其他非经营损益0.000.000.000.000.00流动负债合计1055.071017.961125.551381.601683.98利润总额131.32122.65216.51353.19437.02长期借款56.7638.8915.36-5.04 -21.10 所得税-2.49 -7.10 -0.66 -1.08 -1.34 其他非流动负债58.3583.3983.3983.3983.39净利润133.81129.75217.17354.28438.36非流动负债合计115.11122.2798.7578.3562.29少数股东损益-8.83 10.079.1914.9918.55负债合计1170.191140.231224.301459.951746.26归属母公司股东净利润 142.64119.68207.98339.29419.81股本186.08186.08186.08186.08186.08EBITDA363.28291.10577.65711.13764.54资本公积1244.631243.511243.511243.511243.51NOPLAT125.01110.17216.16349.47430.39留存收益643.11727.60909.261205.591572.26EPS(元)0.770.641.121.822.26归属母公司权益2073.812157.192338.852635.193001.86少数股东权益-26.08 -9.31 -0.12 14.8733.42主要财务比率股东权益合计2047.732147.882338.732650.053035.27会计年度202320242025E2026E2027E负债和股东权益合计3217.913288.113563.034110.004781.53成长能力营收增长率-12.44% -1.66% 21.16% 24.75% 20.13% 现金流量表营业利润增长率146.81% -7.58% 76.94% 63.17% 23.74% 会计年度202320242025E2026E2027EEBIT增长率153.17% -16.82% 75.18% 61.76% 23.18% 税后经营利润133.81129.75187.96325.07409.15EBITDA增长率643.94% -19.87% 98.44% 23.11% 7.51% 折旧与摊销215.60168.26362.46363.04335.77归母净利润增长率161.40% -16.10% 73.78% 63.13% 23.73% 财务费用16.360.19-1.32 -5.11 -8.25 经营现金流增长率20.28% -5.83% 50.04% 21.65% 12.07% 投资损失0.30-5.51 -8.87 -8.87 -8.87 盈利能力营运资金变动-103.45 -30.81 -29.70 -46.69 -21.06 毛利率29.44% 28.80% 29.01% 30.17% 29.09% 其他经营现金流119.6198.0729.5429.5429.54净利率6.09% 6.01% 8.30% 10.86% 11.18% 经营性现金净流量382.24359.95540.08656.98736.29营业利润率6.03% 5.66% 8.27% 10.82% 11.14% 资本支出131.2842.680.000.00-0.00 ROE6.88% 5.55% 8.89% 12.88% 13.99% 长期投资-0.60 -43.05 0.000.000.00ROA4.43% 3.64% 5.84% 8.26% 8.78